Foreclosure Home for Sale
Omni Wholesale Properties is one of the leading real estate consultant in the Texas, Florida & Georgia. The company specializes in foreclosures home for sale in Atlanta, Tampa, Ocala, Sarasota, Austin, Dallas, Houston, Forth Worth and Salt Lake City. If you are looking to sell your foreclosure home for the highest price possible then contact us today and sell your foreclosure home with no commission fee.
What is a Foreclosure Home?
A mortgage forms a lien against a property. It gives a lender the legal right to take ownership if the borrower defaults. The lender will then sell the property to recoup its losses. This process is called “foreclosure”. Investors and other buyers can then purchase these homes, often at auctions or directly from the bank or government agency that owns them. There can be various reasons behind nonpayment of the mortgage like loss of income, divorce, disability, mounting medical bills or bankruptcy. A lender however cannot foreclose a home until the home owner is at least 120 days behind on their payment.
The number of foreclosure sales is at an all-time high. One out of every five home sales posted in our database is a foreclosure property. It’s important for agents/buyers to know what to expect when buying these properties. If you’re in the market for a foreclosure or short sale, here are seven tips to keep in mind:
- Make sure you have a contract on a non-distressed property before buying a foreclosure.
- If a home is being sold by owner (FSBO) because of repossession by bank, check for any unpaid taxes due.
- Don’t be afraid to make an offer on a foreclosure, but be cautious and know the risks involved.
- Get an inspection before making an offer on a foreclosure property and arrange financing with your preferred lender before you put in an offer on the property.
- Always include a clause in the contract that allows you to back out of the deal if there are major problems discovered during the inspection.
- After your offer is accepted, make sure to get proof that the contract is recorded with the county register of deeds.
- If the property has an oil tank and has been used as the primary source of heat, get the gas company out to remove it before closing and notifying your title company about removing it from the deed, or there could be issues later on down the road when you try to refinance or sell it.
There are Several Advantages of Buying a Foreclosed Home
- The property may be priced lower than the market value – Not all foreclosed properties are at a bargain but they might be priced lower than the market value due to their state of disrepair or the lender’s urgency to recover the losses.
- The buyer may be able to buy a better home than what he can normally afford – In case of distress sale, the buyer may be able to close the deal with the seller at a price which is beneficial for both. The lender would recover his mortgage amount and the buyer would get a home better than what he can otherwise afford to buy.
Even if your house is technically not in foreclosure, you may want to sell your house due to the following reasons:
- You want to move to a new location.
- You want to upgrade and find a better home.
- You want to relocate due to a job transfer or any other major life change.
Selling your home can be challenging, but we at www.sellmyhouseinfo.com are here to help you. We have a team of agents specializing in helping people sell their homes due to the reasons above. We know the right way to approach the sale and will make sure you get the highest price possible for your home. Our agents use their expertise in the real estate market to help homeowners sell their houses fast, even if they are in or near foreclosure. Regardless of the reasons, selling your house can be difficult and stressful, but we will guide you through every step along the way until the deal closes. To sell your home with us, please get in touch here.
On the other hand, we also have a number of properties in the foreclosure house sale, due to foreclosure by some banks and financial institutions as a result of bad financial situations. Many of these houses can be purchased at discounted prices. You may also explore our foreclosure property listings by state, county or city. If you have any questions or queries, feel free to contact us.
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